# Ultra Sports Clinic Limited (10238140)

> Why UK company 10238140 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/10238140

- **Status:** Administration ended
- **Administration began:** 2022-12-14
- **Administrators:** Yin Lie Lee, Finbarr O'Connell
- **Administrators' firm:** S&W Partners
- **Incorporated:** 2016-06-17
- **Location:** London
- **Industry:** 86900 Other human health activities

## Why it went into administration

- Property / lease costs
- COVID-19
- Sustained trading losses

## From the administrators' statement

The Company was incorporated on 17 June 2016 providing sports rehabilitation services at three different sports clinics located at rented premises in Bank, Liverpool Street and Hampstead, North London. The Company was formed and remains structured as a 50/50 partnership between its two Shareholders who are also the Company Directors with a team of 17 employees. The Shareholders funded the start-up of the Company with a mixture of capital injections of circa £100,000, ongoing personal funding and an overdraft facility with the Company bankers.

The Company traded successfully pre-pandemic with 60% of its revenue being attributed to work derived from health insurance and 40% in respect of walk ins and private clients. Whilst work generated from health insurance referrals was lucrative, the consideration for the services provided could take up to 6 weeks to be received into the Company bank account which caused cash flow issues. The ongoing overdraft facility was therefore a useful tool to support the cash flow requirements of the business as and when necessary.

Issues Started to arise as a direct result of the COVID-19 pandemic, which resulted in an immediate cessation of trade due to the government mandated “lockdowns”. The direct result was that the Company accumulated Liabilities during the pandemic with no ability to generate turnover with which to discharge some or all such liabilities. In addition, once the pandemic had

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/10238140/filing-history/MzM2MzQ0NDAzMmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/10238140

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.